3M announced the $10.3 billion settlement on Thursday.
Paul Napoli, who serves as co-lead counsel for those who sued the company, described the settlement as a “significant step to remediating the nation’s water.”
PFAS, known as “forever chemicals” because they linger in the body and environment, refers to a group of toxic chemicals that have become pervasive in the U.S. and around the world. They have been linked to illnesses included kidney and testicular cancer and thyroid disease.
3M said in SEC filings that it will pay out between $10.5 billion and $12.5 billion as part of the settlement announced this week.
Napoli said the numerical discrepancy was likely due to the fact that 3M was presenting the current value of the settlement in the press release while the $10.5 billion – $12.5 billion range reflects what they may actually have to pay out over the next 13 years. He said the final amount will depend on how many water providers come forward.
The claims settled this week only pertain to water providers; the settlement does not address personal injury or other suits.
Companies DuPont, Chemours and Corteva previously announced a separate tentative settlement with the water providers totaling nearly $1.2 billion.
Read more in a full report at TheHill.com.
